In the British Virgin Islands (BVI), Annual Financial Returns (AFRs) is a regulatory requirement for all BVI companies as part of their ongoing compliance obligations.

Here's an overview of the key aspects of AFRs for BVI companies:

1. Requirement

• All BVI Business Companies must file an Annual Financial Return unless specifically exempted.
• The requirement aims to ensure that companies maintain proper financial records and remain in compliance with BVI legislation.

2. Submission Timeline

• The AFR is usually due 9 months after the end of the company's financial year.
  • For example: If your financial year ends on December 31, 2024, the AFR must be filed by September 30, 2025.

3. Consequences of Non-Compliance

• Companies that fail to provide this information to their Registered Agent could be subject to a penalty of US$300 for the first month of non-compliance and US$200 for each month that the company remains in breach of the filing obligation, up to a maximum of US$5,000 and face the risk of inactivation and dissolution of the Company form the Registry.
• A Certificate of Good Standing will not be issued if ), Annual Financial Returns have not been submitte

In case you want to assist you with the preparation of management accounts, please send us all the supporting documents for 2024 in order our accountants to give you a quotation and proceed with the preparation of management accounts and then to complete the Annual Financial Return.